Momenta raises $752 million in Hong Kong IPO at roughly $9 billion valuation

Momenta has completed its Hong Kong listing at HK$295.6 per share after an offering that previously raised about HK$5.89 billion, or roughly $751 million, valuing the autonomous driving software company at about $9 billion. The public offering was oversubscribed 414 times, its market capitalization briefly exceeded HK$70 billion, and total global offering proceeds were about HK$6.8 billion assuming full exercise of the greenshoe. Founded in 2016 and led by Chief Executive Officer Cao Xudong, Momenta develops autonomous driving software including emergency assistance, combined driver assistance and highly automated driving. The company has said 60% of net proceeds will be used over the next five years to strengthen core technology such as proprietary algorithms, its automation toolchain and the Momenta Mainline platform, while 20% will go toward accelerating commercialization and scaled development of robotaxi services. The remainder will support mass-produced vehicle solutions, next-generation products and working capital. Momenta has launched commercial robotaxi services in Shanghai and has expanded through partnerships including Audi, Honda and Mercedes-Benz AG, while also signing a strategic partnership with Grab in December aimed at bringing autonomous driving technology to Southeast Asia’s urban mobility markets. ZhenFund said the company’s mass-production business has surpassed 1 million vehicle installations, adding to evidence of scaling in its deployed vehicle base as investors assess the commercial traction of autonomous driving technology.